The Greater Lehigh Valley REALTORS® (GLVR) reported February data that showed a more stimulated real estate market as sellers see opportunity in the New Year and in the upcoming spring market according to a news release.
GLVR CEO Justin Porembo said, “After a tepid January market in the Lehigh Valley, February shook off the sleepiness and showed up with a double-digit increase in New Listings, a steady showing of Pending Sales, and buyers moving properties at a faster pace than the previous year. And with the 30- year fixed-rate mortgage averaging 6.88 percent, falling from last week’s 6.94 percent average, mortgage applications rose for the first time in more than a month.”
GLVR President Lori Campbell added, “Although buyers may find additional options in their home search, inventory remains below the five to six months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, creeping back toward the all-time high for the Lehigh Valley of $335,000, seen in June 2023.”
In Carbon County, the Median Sales Price increased to $220,000.
In February, new listings increased 12.3 percent and homes sold on average, in 24 days, seven days faster than the previous February.
